Sharper Rise for 2021 Canadian Net Farm Income

Nov 28, 2022

Canadian realized net farm income was up even more sharply in 2021 than previously reported, as strong crop and livestock prices countered rising input costs and the drought-reduced Prairie harvest.

A Statistics Canada report Monday pegged 2021 realized net income for Canadian farmers at $13.7 billion, up 49.8% from a year earlier. That is slightly above the 46.4% increase StatsCan originally reported back in May, although still well below the 2020 gain of just over 70%. In 2019, realized net farm income crept up just 5.1%.

Realized net income is the difference between a farmer's cash receipts and operating expenses, minus depreciation, plus income in kind.

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Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.